Am I eligible for a Debt Management Plan (DMP) and is it right solution for me?
It is a common question many people asking these day is Debt management Plan the right solution for me and am I eligible for it? Let’s have look! First of all congratulations –if your reading this page, your are already actively researching ways to responsibly eliminate your debt and begin to create the financial future you desire. Please know that ACME credit consultants will do everything within our power to provide you with the needed support to get from where you are now to exactly where you want to financially..
In order to determine Debt Management Programme (DMP) it might be right for you ask yourself if any of the following situations fit;
- You have good or decent credit and you are regular on all your bills, but your are over extended. You might be able to pay the minimum due on your accounts every month, or sometimes even send a little extra, but never enough to make any significant progress towards eliminate your debt.
- You are just beginning to fall behind in payments, or can see this will be the case soon if you do not reduce your expenses
- You are already in way over your head.Your unsecured debt accounts are delinquent or have been turned over to collection agencies. Creditors are calling regularly and your credit score has taken a beating.
If you fit any of these scenarios, then ACME Debt Management Programme is probably an ideal for you to take back control of your finances.
Debt Management Plan
We know that debt is always a worst nightmare. We understand that in today’s economic situation a change in financial circumstances, is not because people have been reckless or even careless but it is often the result of a change of circumstances such as: loss of income through job changes, divorce or separation, illness or death of a family member and other life changing events, can put almost anyone into serious financial trouble, much faster than even we think.Most of our clients contact us after attempting to keep up the repayments for a long period, but without success .
There usually comes a point when they realize that they have to take some unexpected action or they will never see an end to the phone calls and letters from the creditor they owe money too. Their debts are often increasing on a daily basis with added interest and charges and their payments are not actually reducing the balance.
A debt management plan will put you back into control without borrowing more money (experience shows that this can just make things worse). With only one payment to make and a realistic chance of getting your interest and charges frozen and no fees taken out, your debts will be repaid as quickly as possible.
In a Debt Management Plan (DMP), your debts are repaid to creditors on a pro-rata basis over an agreed period of time. This payment is determined by the amount you can reasonably afford after your normal cost of living has been deducted from your income, and will be presented to your creditors by us. Creditors are not obliged to agree to the Debt Management Plan, but they are more likely to accept it once they have been made properly aware of your true position.
Once your creditors have agreed to a DMP, it is your responsibility to continue paying the agreed payments to their administrator. Normally the debt management company who drafted the plan will ensure that these payments are distributed promptly, on a pro rata basis, to all creditors until the plan has been successful completed.
Each DMP should be regularly reviewed, especially to consider whether creditors would accept early settlement. Once a DMP is completed, you will be considered debt free and able to make a fresh financial start.
Before you take out a DMP, make sure that you use a fully licensed Debt Management Company as we are licenced for Consumer Credit Licence from OFT and Data Protection that adheres to the OFT debt management guidelines. Establish any charges that you will have to pay for our services, and ask to see evidence that we are trying to, or have already secured a freeze on all charges and interest, making sure that this continues throughout the DMP.
Debt Management Benefits
We are proud to offer our DMP, the quickest way and most efficient way to become a debt free without damaging your credit. By joining today, you can receive significant benefits that accelerate your path to financial secure debt free future. For example,
- You pay only what you can comfortably afford
We can turn your debts into one single affordable monthly payment.
- Tailor-made to suit you
our advisers will go through your income and expenditure with you and agree an affordable monthly payment that allows for all your day-to-day living expenses.
- We deal with your creditors
We take care of all the paperwork, deal direct with your creditors and negotiate reduced repayment arrangements on your behalf.
- No Harassing Phone Calls & Mails
Your phone will stop ringing with collections calls. As your creditors accept your DMP proposal and update their files, the collections calls and mails will quickly drop off.
- We aim to freeze or reduce interest and charges
We aim to freeze or reduce your interest charges mean that more of every payment you make is paying towards the principal amount, you will stop being charged with those costly late and over the limit fees (These add up quickly!!)